What do you do if you want to anticipate industry trends as a market researcher using strategic thinking?

You are most certainly very much aware of the private data markets that you can purchase, but have you leveraged public data? The open data movement in an array of human activities (urbanism, research, elections, healthcare) have become top-tier sources of knowledge. The main advantages are its reliability, its exhaustiveness, and this way you make sure that the data you use is compliant and was ethically sourced. Open data has since the 2020's reached an excellent level of maturity, with frequents and stabilized updates, allowing to streamline the collection and visualization of this data.

Facts tell, but stories sell! Neuromarketing research reveals that stories activate parts of the brain associated with emotion and memory, making them more impactful than dry data dumps. By weaving data into compelling narratives, you can capture stakeholder attention and drive informed decisions.

Visits to shopping malls, reading about trends help in observing whats new. Keep an eye open for what people are wearing, what shopping bags are they carrying. Being active in conversations and hearing what people are discussing helps. This is called weak signals. They ultimately become trends.

Be a detective! Anticipate trends by gathering clues: Data dive: Scour reports, social media, and sales figures for patterns and anomalies that hint at shifts. Deep analysis: Don't just see the numbers, understand the "why" behind them. Think future-focused: Consider broader trends like tech advancements or sustainability that might impact your industry. Talk to experts: Network with industry leaders to glean insights on emerging issues. Be adaptable: Refine your research as you uncover new information and be ready to adjust your predictions. By combining data analysis with a forward-thinking mindset, you'll spot trends before they become mainstream.

Analyze historical data, market trends, consumer behavior, and economic indicators to identify patterns and potential future trends. Look for correlations and connections that can help you predict future developments.

When working on prospective research and trying to figure out what will your market be 10 years from now, there is data for it, but maybe not the kind of data you're usually looking at. A way to look into the future is to gather knowledge on larger and emerging trends. If we take the example of healthcare, to know what the next blockbuster treatment will be, the answer for the next 20 years lies at the crossroads of epidemiology (how many people are affected by a disease, and what is the trend), demographics (is my market dynamic demographically speaking, will this trend be heavier or lighter), clinical trials and authorities approvals. Take a look at the activity at the earliest stage of the lifecycle, and build from there.

Futuristic thinking is the cornerstone of strategic decision-making in market research, enabling organizations to navigate uncertainty and thrive in an ever-changing business landscape. By anticipating market shifts, forecasting consumer preferences, identifying disruptive technologies, engaging in scenario planning, and innovating product development, market researchers provide invaluable insights that shape the strategies and initiatives of forward-thinking organizations

Yes, you should talk with experts and other stakeholders (maybe one of the most important steps). But it matters who you ask, and how. Consider tools like the lead user methodology, with delphi or backcasting techinque. Another advice is to think outside your own niche. Talk with experts of complementer industries and people from more general technological fields - like how AI is a huge thing right now, and will probably remain for the foerseeable future.

Speak their language: Craft your message to fit the ears listening – dive deep for the data gurus, keep it simple for the bigwigs. Paint a picture: Master the art of storytelling to turn cold data into captivating tales that hook and hold your audience.

View networking as a unique way of growing. Networking helps you map your ecosystem, and eventually helps you find solutions faster. A network in the end is a map of potential solutions for your future challenges. Contributing and helping your network in a "pay it forward" culture always bears fruits and is highly profitable. It is a very satisfying ROI.

Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis of your industry to identify internal and external factors that may impact future trends. This analysis can help you uncover opportunities and threats that may not be immediately apparent.